Equal parts strategy and technology CRM is about utilizing data to understand the needs of customers and boost sales. The success of CRM is contingent on the business creating a clear plan around which to use the CRM tools and then implement that plan across the entire business.
CRM is a tool that allows companies to keep track of data about their prospects and customers, monitor interactions, automate campaigns and generate reports. It also allows you to communicate with customers and prospects via a variety of channels, whether it’s phone, email, text message or other social media platforms.
CRM isn’t just for sales. It can be used in any department of the company. For instance, the billing and finance departments can use CRM to monitor commissions, analyze contracts, and compare sales forecasts with actual revenue. The marketing department can also make use of it to track trends that can help them better target customers.
Each time a sales team communicates with a customer or meets a new lead or follows up on an existing lead, they generate an influx of data. This data was traditionally stored on a physical media like laptops and notebooks or in the heads of team members. CRM systems permit this data to be collected in a systematic manner and stored in one place that is instantly shared with all the company’s representatives, regardless of what channel they’re using to communicate.
And the most advanced CRMs are integrated with AI and machine learning to interpret that data and provide actionable insights for every opportunity. The company can then enhance their customer experience, and increase engagement to increase retention and loyalty.